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2017 (1) TMI 1175 - CESTAT KOLKATAImposition of penalty u/s 11AC - shortage of stock - accounting mistake - duty voluntarily paid by assessee immediately on being pointed out - whether levy of penalty justified? - Held that: - the appellant admitted the shortage during the stock taking. It was explained that the shortage may be some mistake in the accounting of the stock of the finished goods. The finding of the lower authorities that the goods were clandestinely removed is without any basis. I do not find any material that the appellant admitted the charge of clandestine removal at any point of time. In any event, the appellant is not disputing the demand of duty which they have already paid on the spot - the imposition of penalties u/s 11AC is not warranted - demand of duty with interest upheld - appeal allowed - decided in favor of appellant.
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